https://www.taxtmi.com/caselaws?id=27941 The Tribunal overturned the AAC's decision and restored Rs. 26,000 as undisclosed income for the assessee, a wholesale dealer in paper, for the assessment year 1961-62. The Tribunal found that only Rs. 5,774 could legitimately remain with the assessee from intangible additions, contrary to the AAC's estimate of Rs. 58,202. It determined that a total of Rs. 19,000 may have been available. The decision was based on the assessee's failure to explain the source of cash credits and demonstrate that the amounts were derived from previous intangible additions. The court upheld the decision in favor of the Revenue. en-us Thu, 24 Nov 1983 00:00:00 +0530 Wed, 17 Feb 2010 10:19:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27941 The Tribunal overturned the AAC's decision and restored Rs. 26,000 as undisclosed income for the assessee, a wholesale dealer in paper, for the assessment year 1961-62. The Tribunal found that only Rs. 5,774 could legitimately remain with the assessee from intangible additions, contrary to the AAC's estimate of Rs. 58,202. It determined that a total of Rs. 19,000 may have been available. The decision was based on the assessee's failure to explain the source of cash credits and demonstrate that the amounts were derived from previous intangible additions. The court upheld the decision in favor of the Revenue. Case-Laws Income Tax Thu, 24 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27941